All Forum Posts by: Jamie Lafollette

Just got some very disappointing news that our VA refinance will not go through because my husband (married last year) has not been on the title for 6 months .

We are looking for 100k to do some remodeling (new roof , new siding, new windows) 

Property just appraised at 975,000

we owe 453,000

Our problem is we have an ADU on the property ( without a separate address ) that lenders are considering that income boarder rent despite its on our tax return and we have a year lease.

Current income is 72340 a year plus the 27600 rental income . 

Credit scores are 750 and 780 

Any suggestions on a lender that might consider that boarder income for an equity loan ? Or would accept a high DTI ratio

Thank you ! 

woof.. looks like i have some work cut out for me. Thanks for the feed back @Jared Rine 

Working on a cash out VA refinance and looking for some feed back on what I should be concerned about regarding the appraisal. We are refinancing to take out cash for some much needed home repairs. There are a few things Im concerned wont stand up to the VA MPRs and Im wondering if they are any more lenient with a property thats already being lived in vs a new purchase. Some of the issues im concerned with are wood single pane windows with old termite damage ( house was tented 4 years ago no active issues)

water damage on eves of roof from rotten gutters. ( should I repaint this before they come out? ) 

Peeling paint of window frames ( home was built in 1950s) 

Moss on bottom of siding on side of house 

the home appraised for 875,000 through a standard appraisal a few years ago so im not worried about the overall value. I just want to make sure it will pass the VA appraisal.

Any advice would be greatly appreciated. 

Yes like a mother in law unit but the property is zoned single unit. Taxes are done waiting for the irs to start accepting on the 28th. Husband is going to school on the gi bill so he does not have any income that can be used to qualify. 

Looking to do a cash out refinance. Property value 950,000+ current loan balance 452,000 . Looking to pull out around 100k for remodel expenses. 

Unfortunately my dti ratio is to high unless I include my Adu income. 

2017 income was about 68k

2018 income was about 70k+28k in income from my Adu (will be on my 2018 taxes) 

750 credit score and no other debt. Husband is a veteran. 

Looking for recommendations on a portfolio lender or credit union that might consider this "boarder income"